Did you know that insuring your engagement ring is a thing?! Ring insurance is different from the warranty offered when the ring was bought from the jeweler. We ALWAYS recommend for our couples to insure their engagement ring - it’s easier than you think and you may regret it later if you don’t!
The Basics
What is ring insurance?
Insurance for your engagement ring is very similar to the insurance policies you may have for your home, car, or healthcare. While insurance companies may offer different policies and coverage when it comes to insuring your ring, they are all based on the same idea of protection in the event that your ring gets stolen, damaged, or lost.
Who needs to get ring insurance?
What’s the old saying, better safe than sorry? Yes, the idea of having ring insurance is about protecting the financial value of your ring, however, it’s also about protecting the memory of your proposal and when you first put the ring on your finger! Regardless of if the ring is priced at $20 or $100,000 the sentimental value that it holds is worth having a backup plan for.
How It Works
Please keep in mind that we are not licensed insurance agents and this information may be different for you and your insurance! Please consult a licensed insurance agent or jewelry insurance specialist before purchasing an insurance policy.
The first step to getting your ring insured is to get the ring professionally appraised and make sure to get a copy of the paperwork to send to your insurance agent along with the receipt from the time of purchase.
The next step will depend on where you decide to go for your ring insurance, either from a traditional insurance company or through a specific jewelry insurance company. If you have insurance through companies like Statefarm or Allstate, you can add your engagement ring to your pre-existing renter’s or homeowner’s insurance policy. You can choose to add an extension or “rider” to cover specific items like your rings! Make sure to ask questions about the coverage for your ring and make sure you have all of your bases covered. Look for the policy with the highest coverage for your ring. The best ring insurance will have you covered in all of the worst-case scenarios like if your ring gets stolen or if you accidentally lose it. Just don’t forget to update your policy once you have your wedding band, also!
If you do not currently have renter’s or homeowner’s insurance policies, don’t worry! You can always ask your jeweler if they work with any insurance companies that offer ring insurance. Just remember to do your research and don’t be afraid to ask questions about what type of coverage is being offered before signing a contract.
Most Importantly
PLEASE, please, please read through every policy contract (not just with ring insurance) and all of the fine print before signing onto a policy. The idea of having ring insurance is having a safety net in the event that the ring needs to be replaced without you and your fiance having to stress!